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Vgenopoulos faces felony charges over unsecured loan

The chairman of Marfin Investment Group (MIG) Andreas Vgenopoulos and 14 Marfin Bank executives were facing felony charges in connection to a loan allegedly granted to investment firm IRF, it emerged on Thursday. The firm is owned by shipowner Angeliki Frangou.

According to the case file, the unsecured loan was allegedly granted for the purchase of MIG and MRG shares. Authorities allege the initial 75 million euro loan eventually reached about 200 million euros through refinancing.

The charges were filed following a probe ordered by anti-corruption prosecutor Eleni Raikou and prosecutors Antonis Eleftherianos and Yiannis Dragatsis.